Securities and Exchange Board of India – SEBI has set up a 16-member committee to suggest new rules for dealing with insider trading. In a statement issued from Mumbai today, SEBI has said that world over, the regulatory focus is shifting towards containing the rising menace of insider trading effectively and hence SEBI is seeking a review of the extant Insider Trading Regulatory regime in India. Although several amendments have been introduced to SEBI (Prohibition of Insider Trading) Regulations, 1992; the new guidelines will help in replacing the nearly two-decade old set of norms. The committee headed by Presiding officer of the Securities Appellate Tribunal, N K Sodhi, will include SEBI officials, executives from companies, legal experts and journalists.Some other prominent members of the committee include Darius Khambata, Advocate General of Maharashtra, Rajeev Luthra, Managing Partner at Luthra & Luthra Law Offices, Arundhati Bhattacharya, MD& CEO of SBI Capital Markets Limited and two journalists, Mobis Philipose of HT Media Ltd and Menaka Doshi of CNBC TV 18.